XN000022-1987-02-09 — Page 2

MONDAY, FEBRUARY 9, 1987

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REVIEW SHOWS RISE IN DOMESTIC PREMISES VACANCY RATE

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PRELIMINARY RESULTS OF THE 1987 PROPERTY REVIEW INDICATE THAT VACANCY RATES IN ALL NON-DOMESTIC SECTORS OF THE PROPERTY MARKET HAVE FALLEN, BUT THE VACANCY RATE FOR PRIVATE DOMESTIC PREMISES HAS RISEN SLIGHTLY, A SPOKESMAN FOR THE RATING AND VALUATION DEPARTMENT SAID TODAY.

FOLLOWING ARE SOME DETAILS:

PRIVATE DOMESTIC (ALL PREMISES)

JUST OVER 30 000 DOMESTIC UNITS WERE TAKEN UP DURING 1986. THE FIGURE SHOWED A SLIGHT INCREASE OVER THE 1985 TAKE-UP OF 29 500 UNITS.

SUPPLY IN 1986 ROSE SIGNIFICANTLY OVER THAT IN 1985, ALTHOUGH IT WAS STILL BELOW THE FORECAST COMPLETION MADE EARLY LAST YEAR. COMPLETION OF 34 100 UNITS DURING THE YEAR, EXCEEDED THE RECORD FIGURE OF 33 500 IN 1981, AND AS A RESULT VACANCIES INCREASED FROM 22 100 UNITS AT THE END OF 1985 TO 24 700 AT THE END OF 1986, REPRESENTING 3.9 PER CENT OF TOTAL STOCK.

THE SUPPLY OF NEW DOMESTIC FLATS IN 1987 IS EXPECTED TO REACH AN EVEN HIGHER LEVEL.

PRIVATE DOMESTIC (LARGER UNITS

K

100 SQ. M AND OVER)

TAKE-UP OF LARGE DOMESTIC FLATS IN 1986 DROPPED FOR THE SECOND YEAR IN SUCCESSION, TO 1 800 UNITS. AGAINST THIS, SUPPLY INCREASED FROM 1 950 UNITS IN 1985 TO 2 550 UNITS IN 1986. RESULTANT VACANCIES ROSE FROM 2 750 UNITS AT THE END OF 1985 TO 3 300 UNITS AT THE END OF 1986, REPRESENTING 6.6 PER CENT OF TOTAL STOCK.

TWO THOUSAND NINE HUNDARD NEW LARGE FLATS ARE EXPECTED TO BE COMPLETED IN 1987.

COMMERCIAL

:

SUPPLY OF COMMERCIAL SPACE IN 1986 FELL BELOW FORECAST AND WAS THE LOWEST IN THE PAST FIVE YEARS. TAKE-UP ALSO DECREASED FROM 264 000 SQ. METRES IN 1985 TO 213 000 SQ. METRES IN 1986, BUT WAS STILL 22 PER CENT HIGHER THAN THE YEAR'S COMPLETIONS. CONSEQUENTLY VACANCIES FELL FROM 9.0 PER CENT AT THE END OF 1985 TO 7.8 PER CENT OF TOTAL STOCK AT THE END OF 1986.

/SUPPLY OF